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This is correct from what I have read, both the so-called "trust funds" have FUNNY MONEY in them.
See, the rub is the government owes money to SS and has Obligations to Medicare, it is backing this debt with the SS and Medicare Trust fund (and income from taxes).
The problem is the SS and Medicare trust funds are just more government debt in the form of placemarkers showing what is owed to these government programs. THERE IS NO SALEABLE ASSETS THAT CAN BE DRAWN ON TO HELP FUND BOTH OF THESE GOVERNMENT PROGRAMS.
So when insane people say "Hey look, both Social Security and Medicare have HUGE trust funds".......well, erm....in a literal sense that is true. But in reality, this is just a political/accounting trick meant to.......I don't know what it is meant to do.....appease the masses???
Time to grow up and deal with our huge problems, this is one that must be dealt with. WHAT IS THE BEST FIX FOR THESE BROKEN PROGRAMS???
Yes, since they were raided to fund social programs and government employees and their pensions, they are broke as a joke.
Well, the fact is President Johnson signed into law changes that really hurt SS in the long run. ALL SS surpluses are put into the General Fund and SS is issued WORTHLESS SS T-BILLS for that amount. So instead of really INVESTING the SS SURPLUS into things like precious metals, Blue-chip stocks, priceless art......we got junk t-bills that are worth the paper they are written on.
If thats not bankrupt, what is it? How do you manage liabilities exceeding $1M per citizen? How do you even begin to pay for this, considering 1/2 of the nation doesnt even contribute to the federal government? Where does the money come from if it exceeds the total economic cycle of the nation for decades?
obama himself said that the debt was a sign of poor leadership, and that was when the national debt was around $9T.. now you are telling us that obama was wrong, and that these debts are manageable, even though they are 12 times as large?
Typical right wing lemmings. They've fallen for right wing propaganda that has convinced them SS is bankrupt.
The only way SS is threatened is if lazy, apathetic citizens don't stand up for it being fully funded.
SS has a manageable long term deficit that could be almost fully corrected if we could lift the tax cap on high incomes.
NEVER EXPECT these right wing thread to source any objective data that says SS is a lost cause.
There isn't any.
Do you notice there is no sourcing in their arguments?
It is well know that the SS TRUST FUND has NON-FUNGIBLE T-BILLS. This means for all practical purposes there are no saleable assets in this so-called trust fund.
Well, I did not go into any other aspects of SS/Medicare except the so called "trust fund". What I posted was facts, care to dispute them????
I know it is really easy to throw out insults and ignore what I posted, emotions rule the day.
It is well know that the SS TRUST FUND has NON-FUNGIBLE T-BILLS. This means for all practical purposes there are no saleable assets in this so-called trust fund.
Well, I did not go into any other aspects of SS/Medicare except the so called "trust fund". What I posted was facts, care to dispute them????
I know it is really easy to throw out insults and ignore what I posted, emotions rule the day.
Yes you've memorized the right wing wing talking points by heart....that's for sure.
Sadly, you have no idea what you are talking about.
If thats not bankrupt, what is it? How do you manage liabilities exceeding $1M per citizen? How do you even begin to pay for this, considering 1/2 of the nation doesnt even contribute to the federal government? Where does the money come from if it exceeds the total economic cycle of the nation for decades?
obama himself said that the debt was a sign of poor leadership, and that was when the national debt was around $9T.. now you are telling us that obama was wrong, and that these debts are manageable, even though they are 12 times as large?
Are you sure medicare liability is 79T I cannot find an outside source to verify that and considering there is only 125T worth of household wealth in the world that number seems high. Not saying it isn't the case but it seems much higher then any number I have heard and the site you listed is the only one that has it.
Are you sure medicare liability is 79T I cannot find an outside source to verify that and considering there is only 125T worth of household wealth in the world that number seems high. Not saying it isn't the case but it seems much higher then any number I have heard and the site you listed is the only one that has it.
Take the program and stretch it out for decades and decades, yeah, you could make it's obligations be almost any number. Right-wingers make you want to think that huge number is all due tomorrow. Distortions and half-truths is their play book.
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